GULFPORT, Mississippi -- Mississippi Power Co. announced this morning that G. Edison "Ed" Holland will replace Ed Day as president and CEO.

The change is effective immediately.

"Mississippi Power is getting a highly regarded, experienced leader in Ed Holland," said Thomas A. Fanning, Southern Company chairman, president and chief executive officer.

"He brings a strong combination of judgment and vision to the role that will propel the company forward," Fanning said. "Ed will be engaged in the region and work to strengthen the communities we serve."

Holland will be responsible for the operations of Mississippi Power, including overseeing the continued construction of the Kemper County energy facility.

Holland was formerly the CEO of Savannah Electric and the vice president of power generation and transmission with Gulf Power, a Southern Company subsidiary.

He also has led the Governmental Affairs, Transmission, Human Resources, Internal Audit and Information Technology organizations since he joined the company in 1992 and has most recently served as executive vice president, general counsel and chief compliance officer for Southern Company.

"I look forward to working with all of the dedicated employees of Mississippi Power, many with whom I have worked with during my years at Southern Company," Holland said. "We also have a tremendous retiree base in the area and I look forward to seeking their counsel as I move into this role."

The move comes after additional cost overruns were announced at the coal-fired power plant Mississippi Power is building in Kemper County.

Mississippi Power's vice president of generation, Tommy Anderson, also recently left the company.

Mississippi Power announced last month that what it calls Plant Ratcliffe was another $540 million over budget, bringing the total cost of the plant, mine and pipelines to $4.3 billion. The company said shareholders would absorb the latest overrun.

Fanning said Monday that Day "is a dedicated leader who has had many accomplishments spanning his 30-year career with Southern Company and we wish him well.

"It's always tough when lifelong employees choose to move on, but we wish Ed the best in his retirement. He has passed the reins to the right person to lead Mississippi Power," he said.